Protection is primary, succession is secondary and tax is tertiary

Protection is primary, succession is secondary and tax is tertiary

You can't give what you haven't got or as we pretentious lawyers would say: “nemo dat quod non habet.”  So there is strong argument for ensuring that what we have is preserved for our heirs. We can then give it to them. Then we need to be mindful of tax and to organise our affairs to ensure that we pay no more tax than we should.

A lot is said about tax. It is an essential part of the foundation of a civilised society. As essential to our lives as is the blood coursing through our bodies. One way or another it has to be paid and it gives us our many privileges. 

 

But we do not appear to read or hear so much about protection of our wealth.  For example, you make a Will leaving what you have (a lifetime of hard work) to your spouse.  When you are dead and gone they marry the neighbour and before making a new Will, they die.  The neighbour inherits, currently at least £250,000 plus half of what else is left. The rest goes to the kids.  Is that what you want?  Really?

Make a smart Will. Provide for your loved ones but protect them as well.  It can be done and quite simply.

I understand the divorce rate is 42%. If your child inherits from you, half of that can easily go to their former partner.   

Protect your wealth.  If you would like to find out more please contact our experts Simon Stone or Peter Harrison on 01908 325555.  Simon and Peter each have over 30 years’ experience.  Join our growing list of clients who have made smart Wills.

 

Blog written by Simon Stone, Specialist Private Client Solicitor and Managing Partner of Kingsley David Solicitors